You may have valid passport of India and other documents which proves that you are an Indian, but due to various reasons you may stay abroad for employment, have a tentative project, go on business or vacation. You have a dream to construct your house in India so that once you get back to India you can stay at your own home. No worries! NRI loans are made available through Reserve Bank of India norms. Any one who is residing outside India but holds an Indian passport will be considered for this type of loan.
Purpose of Non Resident India home loans are:
-For the purpose of construction of a house
-To carry out repairs and rennovations
-Buy a new or old flat or house
-Revamp your bed rooms, kitchen or courtyard etc.
-To carry out repairs and rennovations
-Buy a new or old flat or house
-Revamp your bed rooms, kitchen or courtyard etc.
Your needs are varied and there are home loans customised for Non residents Indians too. You may want to see a renovated house when you get back home by seeking fro funds from your hometown. Appoint some supervisor who will undertake all your house or flat renovation work on your behalf. When you are back from a foreign place, you can stay relaxed in the cozy comforts of your newly renovated home.
You can make use of your existing house as a security to pledge against your mortgage or secured loan. Have all your house documents in place so that you can carry out your loan transactions at ease while you are abroad. There are certain conditions that you need to satisfy such as:
Income Tax act of India states that:
You must have been in India for a total of one year or more
Or
You must have stayed for 182 days during the assessment year
If you satisfy any of the above conditions as stated in the provision of income tax you will qualify for these not so common or special loans. Make use of your existing residential property and release its equity to obtain a secured loan for your home needs.
Like any other normal house loan, you need to satisfy certain basic criteria such as credit score, collateral and housing loan documents. Besides this, you must have a valid Indian passport to prove that you are a resident of India and must have stayed for 182 days during the assessment year. If not, you must have stayed any time for a total of one year in India.
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